Your assuming everyone is using a margin account or putting in a market order. If I have 10k in my account and I wanna throw all of it in a limit order on a stock I should be able too.
I can understand certain things being capped. But if I have the money and you wont let me buy it thats BS.
disclaimer- I dont think this WSB is good in the long run or at all really. And aside from throwing a little fun money on AMC for ####s and giggles Im not involved in this squeeze the shorts hold til we die scheme. But if people wanna spend their money you should be allowed too. Just because wallstreet is getting some of their tricks thrown back at them to push pricing in a profitable position isnt a good enough justification to do what they are doing here.
I’m not sure what you mean. I’m talking about the big banks letting people overdraw their accounts with no backstop. That has nothing to do with your ability to place limit orders nor is it margin trading. They are totally separate and unrelated.
This is about banks letting market orders go thru knowing full well the client can’t pay for them and then relying on ignorance and predatory lending to make a profit.
The whole point is that the big banks let you have an unlimited overdraft without ever getting approved for a margin account. This is not margin account trading, the interest rates for that are quite good.
Read my initial example again.
Last edited by Cecil Terwilliger; 01-28-2021 at 12:29 PM.
I’m not sure what you mean. I’m talking about the big banks letting people overdraw their accounts with no backstop. That has nothing to do with your ability to place limit orders. This is about banks letting market orders go thru knowing full well the client can’t pay for them and then relying on ignorance and predatory lending to make a profit.
Sorry, maybe we're making two different points here. Many Americans aren't able to purchase these over shorted stocks. So yeah, I would have a problem if RobinHood or Charles Schwabb wouldnt let me spend my own earned cash in a Free Market system because it negatively effects their buddies.
If they cut off Margin and Market orders only I could understand that. But not outright denying a simple Limit buy order with my own cash.
There's going to be a lot of casual traders losing a lot of money when this is all over. The big funds have virtually unlimited assets and control the platforms that regular people use to trade, of course they're going to rig the game so that they come out on top
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There's going to be a lot of casual traders losing a lot of money when this is all over. The big funds have virtually unlimited assets and control the platforms that regular people use to trade, of course they're going to rig the game so that they come out on top
I'm watching this from the sidelines. I'd like to get into some investments, but after buying a house and a ####load of furniture it'll be awhile until there's enough in the savings account that I can play around with it some
I thought this video did a really good job explaining the current situation. Crazy times and who knows what's going to happen...but it's fun being a part of it!
I stayed away from GME. The swings were just too wild and I didn't see it early enough.
I had a decent amount of Vegas money in AMC though. Had a little bit of greed going yesterday and didn't sell at 18. Missed out on the 25 because RBC crashed in the morning. Sold about 30% at an average of 15 or so to cover my original investment plus a small profit. Now holding for tomorrow.
Original price targets are out of whack so trying to work on a new one. Can't rely on RBC at market open so working on some sell stops too.
I've hardly slept the passed 4 days haha (Not because I'm going to lose my shirt, just the excitement and compelling events day to day, hour to hour) So I just want to get out with some free money that I don't deserve and go back to my boring dividend growth investing.
This GME thing is really unique. All the other stocks like BB, NOK, AMC etc were just pump and dumps, and many were being pumped by bots to try and distract from GME. I would stay away from all those until #### settles down with GME. Just IMO.
GME is the battleground with hedge funds. The shenanigans that were pulled this week by funds, brokers, heck the SEC, prove they are scared. If we all by and hold, we can win.
Not sure if you were being serious with that or not, but I wouldn't suggest that strategy on GME. This is all fun and fascinating right now, and if you can get in and out and make some money - great.
But if you think this will keep going up, I think you are seriously mistaken. At the end of the day, it is ownership of a company. And that company isn't worth $400 or $1,000 per share. It is probably worth about $20 per share.
And that is where it will end up when the music stops
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If I was Etrade or any other broker right now not participating in this blockage, I'd be cranking that marketing machine to 11.
I just tried placing an order for AMC and got this message "Opening orders for this security cannot be accepted online at this time. For assistance with placing this order, please contact Customer Service at 1-800-ETRADE-1"
So the only way you can make a trade is via phone, which nobody has done since the 90s.
Not sure if you were being serious with that or not, but I wouldn't suggest that strategy on GME. This is all fun and fascinating right now, and if you can get in and out and make some money - great.
But if you think this will keep going up, I think you are seriously mistaken. At the end of the day, it is ownership of a company. And that company isn't worth $400 or $1,000 per share. It is probably worth about $20 per share.
And that is where it will end up when the music stops
If they didn't pull dirty tactics, then it would reach $1,000. It may still.
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After seeing all these retail brokers freeze accounts and limit what people can buy I decided to exit all my positions this morning. RBC was down again so I didn't get out quite as well as I had hoped but still decent overall.
Sold my AMC call for 500% gain although if I had flipped them yesterday, I would have been up 1800%.
Sold my NOK shares at a 4% loss.
Sold the rest of my BB for a 103% gain with my total position netting around 75% total gain.
